J.P. Morgan Enterprise Software Software Universe Comp Sheet

研报英文原文证据摘录

J.P. Morgan Enterprise Software Software Universe Comp Sheet

J.P. Morgan Software Coverage

Growth + EV/FCF ex- FTM

Price Mkt Cap FTM CY26E CY27E EV/Rev EV/Rev EV/Rev FTM Rev FTM Op CY26E CY27E P/E P/E EV/OCF EV/FCF SBC JPMTicker Company EV ($M) Op Mgn

(07/08/26) ($M) ↓ Rev Rev Rev (FTM) (CY26E) (CY27E) Growth Margin PF EPS PF EPS (CY26E) (CY27E) (FTM) (FTM)

(GAAP) (FTM) 1 Rating (GAAP)

AAPL Apple 313.39 4,614,981 4,553,097 498,314 492,140 518,714 9.1x 9.3x 8.8x 10% 33% 43% 9.12 9.98 34x 31x 26x 32x 34x OW

MSFT Microsoft 383.34 2,853,966 2,815,956 365,729 353,087 402,998 7.7x 8.0x 7.0x 15% 46% 61% 17.61 19.91 22x 19x 15x nm nm OW

ORCL Oracle 140.49 409,528 507,175 90,056 76,519 104,853 5.6x 6.6x 4.8x 34% 29% 63% 7.55 8.90 19x 16x 17x nm nm OW

CRM Salesforce 166.58 145,091 168,030 47,099 45,761 50,026 3.6x 3.7x 3.4x 10% 35% 45% 14.23 15.60 12x 11x 11x 11x 14x NR

NOW ServiceNow 107.78 112,091 108,400 16,795 16,184 18,805 6.5x 6.7x 5.8x 20% 13% 34% 4.17 4.97 26x 22x 15x 19x 29x OW

NET CloudFlare 273.40 102,635 101,739 2,973 2,810 3,516 34.2x 36.2x 28.9x 28% -10% 17% 1.19 1.46 nm nm 117x nm nm N

SNOW Snowflake 261.31 98,003 95,897 6,453 6,092 7,494 14.9x 15.7x 12.8x 28% -16% 12% 1.88 2.43 139x 108x 65x 63x nm OW

DDOG Datadog 261.09 95,228 91,453 4,479 4,320 5,034 20.4x 21.2x 18.2x 22% 1% 23% 2.41 2.72 108x 96x 64x 77x nm OW

ADBE Adobe 220.94 88,906 89,925 27,466 26,555 28,481 3.3x 3.4x 3.2x 9% 36% 45% 24.40 26.19 9x 8x 9x 8x 10x OW

INTU Intuit 272.10 75,208 74,590 23,302 22,386 24,899 3.2x 3.3x 3.0x 11% 29% 40% 25.53 27.09 11x 10x 10x 10x 12x OW

CRWV CoreWeave 90.00 54,431 95,079 14,527 12,500 18,189 6.5x 7.6x 5.2x 133% 5% 139% (2.64) (2.21) nm nm 13x nm nm N

WDAY Workday 137.88 35,065 33,700 10,994 10,676 11,898 3.1x 3.2x 2.8x 12% 13% 25% 11.01 13.22 13x 10x 9x 10x 19x OW